Investment bank Jefferies said in a research note on Wednesday that profits from bitcoin mining in August were much lower than in July. The average bitcoin price fell by more than 4% and the average network hashrate rose by about 2.7%. Affected by this, the average monthly daily income of miners fell by 11.8% from the previous month. "September will be another difficult month as bitcoin prices remain below $60,000 and network hashrate continues to climb," the analysts wrote. Bitcoin hashrate is representative of industry competition and mining difficulty.